Cenovus CEO shrugs off Ottawa's plan to nix subsidies

) CEO is shrugging off Ottawa's plan to end "inefficient" fossil fuel subsidies, while taking a wait-and-see approach to the looming federal cap on oil and gas sector emissions.

"It probably should be a fairly short piece of legislation," Jon McKenzie told analysts on a post-earnings conference call on Thursday, referring to the"I've been in this industry for a lot of years, and many of those years have been spent in finance," he added. "I certainly remember writing a lot of cheques to the provincial and federal governments, but don't remember receiving a lot of cheques in return.

Looking to ensure alignment with federal climate targets, Ottawa's new framework will apply to existing tax measures and 129 non-tax measures. The government has not put a dollar figure on the subsidies impacted, or detailed which measures are included. "I'm genuinely not aware of any subsidies that are direct to the oil and gas industry that they may or may not be speaking of," McKenzie said.$20 billion in subsidies and financial support to fossil fuel companies in 2022, according to the non-profit group Environmental DefenceThe new rules do not impact generally available subsidy programs, or money that flows through Crown corporations like EDC.

Calgary-based Cenovus will be among the companies subject to Ottawa's planned cap on greenhouse gas emissions from the oil and gas sector, aCanada has committed to net-zero by 2050, with an interim target requiring the oil and gas industry to cut 42 per cent of its emissions below 2019 levels by 2030.Former Cenovus CEO Alex Pourbaix told

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Cenovus Energy’s profit slumps as it cuts production outlook due to impact from wildfiresCenovus reported a net income of $866-million, or 44 cents per share, for the quarter ended June 30, compared with $2.43-billion, or $1.19 per share, a year earlier
Source: globeandmail - 🏆 5. / 92 Read more »

Cenovus reports second quarter profits down, lowers upstream production guidanceCenovus lowered its upstream production guidance for the year as it reported a second-quarter profit of $866 million, down from $2.4 billion in the same quarter last year.
Source: CTVCalgary - 🏆 26. / 68 Read more »

Cenovus reports second quarter profits down, lowers upstream production guidance - BNN BloombergCenovus Energy Inc. lowered its upstream production guidance for the year as it reported a second-quarter profit of $866 million, down from $2.4 billion in the same quarter last year.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Cenovus reports second quarter profits down, lowers upstream production guidanceCalgary\u002Dbased Cenovus Energy reported a second\u002Dquarter profit of $866 million, down from $2.4 billion in the same quarter last year.
Source: calgaryherald - 🏆 64. / 52 Read more »

Cenovus reports second quarter profits down, lowers upstream production guidanceCalgary\u002Dbased Cenovus Energy reported a second\u002Dquarter profit of $866 million, down from $2.4 billion in the same quarter last year.
Source: calgarysun - 🏆 63. / 52 Read more »

Cenovus Energy reports 2nd-quarter profits down, lowers upstream production guidance | Globalnews.caCenovus' upstream production in the second quarter of 2023 was 729,900 barrels of oil equivalent per day, down from 761,500 a year earlier for comparison.
Source: GlobalCalgary - 🏆 50. / 61 Read more »